Korean Job Discussion Forums

[fromtheuk]

I am currently on 2.1 million won a month. After deductions, I actually receive around 1,890,000 won a month.

If my next contract is 2.5 million won a month, how much do you think I'll get after deductions?

I'm fromtheuk and with GEPIK. I didn't pay any tax for the first two years, but I believe I'll need to start paying tax in my third contract.

So, that's another deduction to be made from my salary.

After deductions (including tax), how much would I get from a salary of 2.5 million won a month?

Thanks.

[fighton]

I don't mean to hijack your thread, but how did you go about not paying taxes your first 2 years? I'll be starting in March and I know that I'll be exempt from paying taxes in the US, but I thought you still had to pay a small percentage in Korea.

I would've PMed you, but I'm not at 25 posts just yet.

[fromtheuk]

I believe people from the UK are exempt from paying tax for the first 2 years of employment.

My school knew that before I arrived, because the previous native teacher was British.

[fighton]

Ahh I see. I doubt there's anything like that that applies to Americans, but I'll look into it.

[schwa]

As far as I know, all nationalities (except Canadians) are entitled to a 2-year income tax holiday in Korea. Your employer requires some kind of certificate of residence. Someone with more specific knowledge on what form is needed can chime in here.

Korean income taxes are pretty light in any case.

[TeeBee]

The two year income tax exemption only applies at public schools and universities. Hagwon teachers still have to pay income tax.

Sorry I can't help much on your original question, fromtheuk.

[schwa]

[fromtheuk]

2.2 million, at least?!!

[losing_touch]

Just look up the numbers man! I don't know if these are exact, so do some research and pull out the calculator.

Pension - 4.5%
Health - 2.54% or so
Tax - around 1.8% (use the calculator on their site)

[losing_touch]

Hell, I have too much free time, so here goes:

Pension: 2,500,000 x 0.045 = 112,500
Health: 2,500,000 x 0.0254 = 63,500
Tax: 2,500,000 x .018 = 45,000

Total Dedutions: 221,000

Gross Pay: 2,500,00
Less Deductions: (221,000)
----------------------------------
Net Pay: 2,279,000 KRW

[fromtheuk]

Thanks, I really appreciate your calculations.

I'm on 2.1 now and there are currently around 210,000 won of deductions.

So, I should get roughly 2,245,000 after deductions next time, comfortably 2.2 million won.

Thanks again.

Over 300,000 won more each month.